McGuireWoods Advises EXL in $150 Million Convertible Debt Investment by The Orogen Group

October 15, 2018

McGuireWoods advised ExlService Holdings Inc., a leading operations management and analytics company, in its sale of $150 million in senior convertible notes to The Orogen Group. Orogen is a private operating company created by Vikram Pandit, former Citigroup CEO, and Atairos, a New York private equity fund. In connection with the investment, Pandit joined EXL’s board of directors.

Securities partners Rakesh Gopalan and Stephen Older led the McGuireWoods deal team representing EXL. David Wolpa and Porter Durham formed the rest of the core deal team, which was supported by partners Elizabeth Wren and Richard Viola.

McGuireWoods is EXL’s securities counsel and has advised the company in numerous strategic transactions, including its 2015 acquisition of RPM Direct and RPM Data Solutions, its 2017 purchase of Health Integrated Inc., and its 2017 investment in Corridor Platforms Inc.

“We value our relationship with EXL and we were pleased to represent them in closing this important deal, positioning the company to further expand its service offerings,” Older said.

EXL serves the insurance, healthcare, banking and financial services, utilities, travel, transportation and logistics industries. Headquartered in New York, the company has more than 28,000 professionals throughout the United States, Europe, Asia, Australia, Colombia and South Africa.

McGuireWoods ranked among the top law firms for advising corporate issuers and underwriters in U.S. capital markets transactions in the first half of 2018, according to league tables published by Bloomberg and Thomson Reuters. The firm was honored as Law Firm of the Year in Mergers and Acquisitions magazine’s Mid-Market M&A Awards. The firm also is a finalist in 11 deal categories for the 2018 M&A Advisor Awards, which recognize top corporate transactions from the past year and the firms involved in closing those deals.